Bulls in Action! Sensex scales Mt 65,000 on rally in financials, auto stocks
The BSE Sensex was trading 316 points or 0.49% higher at 65,034 while Nifty50 was trading at 19,274, up 85 points or 0.45% at around 9.21 am. From the Sensex pack, UltraTech Cement and M&M were the top gainers, rising over 2% each. HDFC, HDFC Bank, Tata Motors, SBI, Wipro and Tata Steel also opened higher.
On the flip side, Power Grid, Asian Paints, Axis Bank, Maruti, Tech Mahindra, and Sun Pharma opened in the red. Nifty Auto hit a new 52-week high of 15,198 after the release of monthly sales data. Meanwhile, Nifty Metal, Nifty, Financial Services, and PSU Bank traded in the green.
In the broader market, Nifty Midcap 100 rose 0.44%, and Nifty Smallcap 100 advanced 1.10%.Experts View«An important point of distinction between the rally in US and in India is that the US rally is primarily being led by 8 tech stocks while the Indian rally is more broad based. Sustained FPI flows (Rs 47148 crores in June) is the main driver of the rally in India,» V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. The recent surge in FPI inflows have been triggered by the recent ‘Sell China, Buy India’ strategy of the FPIs which, in turn, is being influenced hugely by the anti-China attitude/policy evolving in the US and the developed world, Vijayakumar added.
Deepak Jasani, Head of Retail Research, HDFC Securities, said, «Previous resistance of 18887 is expected to interchange its role as a support for the Nifty going forward. On upmoves, Nifty could face resistance at 19350.»Global MarketsData showing inflation easing further boosted Asian markets Monday, fuelled by hopes central banks could be nearing the end of their interest rate hiking cycle. Japan's Nikkei 225 surged 1.65%, while China's Shanghai
. Read more on economictimes.indiatimes.com
